Not upheld: scam / fraud protection failure complaint against Revolut Ltd

Decision detail

Summary

Mr M lost £44,046.02 to a cryptocurrency investment scam between October 2023 and March 2024, making eight payments via Revolut. Revolut intervened on several occasions with in-app questions, warnings, and human intervention asking about the nature of the payments. Mr M was dishonest in his responses to Revolut and also misled his other bank about the purpose of funds. The ombudsman found Revolut's interventions were proportionate and that Mr M's dishonesty prevented the firm from uncovering the scam. The complaint was not upheld as the loss was caused by the scammers, not Revolut's failure to protect Mr M.

The Ombudsman's reasoning

Although Revolut should have been alert to fraud risks, it did intervene appropriately with proportionate questions and warnings. Mr M's dishonesty during these interventions prevented Revolut from understanding the full picture and uncovering the scam. The ombudsman found the questions asked were proportionate to the risk identified and that Mr M was warned to be honest. Since Mr M was not truthful, Revolut could not have prevented the loss even with more robust intervention. The loss was caused by the scammers, not Revolut's failure.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website